GST compensation worth Rs 52,077 cr paid to states/UTs in eleven months, says government

New Delhi: The Union authorities on Friay stated a GST compensation totalling Rs 52,077 crore has been paid to states and UTs throughout the 11-month interval by Could 2018.

Underneath the Items and Providers Tax (GST), applied on 1 July, 2017, the Centre has to compensate states/UTs for lack of their income on account of implementation of the brand new oblique tax regime.

“… states/UTs have been paid GST compensation of Rs 48,178 crore for the interval July 2017 to March 2018 and of Rs 3,899 crore for the interval of April-Could 2018,” Minister of State for Finance Shiv Pratap Shukla stated in a written reply within the Lok Sabha.

Representational picture. Reuters.

Whole taxes collected below GST works out to be Rs 11.Three lakh crore within the 13-month interval ending July 2018.

The utmost GST assortment was Rs 1.03 lakh crore in April. The gathering dipped to Rs 94,016 crore in Could and has been progressively growing within the subsequent months.

In one other reply, Shukla stated the Centre is taking varied steps to examine evasion in addition to educate the taxpayers in regards to the new tax regime and inspiring voluntary compliance.

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